DP World said it remains optimistic about its port projects in India and is bullish about fresh investment opportunities in India – despite reports of a ban from the Subcontinent.
Reports in the Economic Times said the Indian Ministry of Shipping had barred companies from Dubai, Hong Kong, China and Pakistan from investing in port infrastructure projects.
DP World officials in Dubai and Mumbai yesterday told Emirates Business that its operations in India – in Chennai, Kochi, Nava Sheva and Visakhapatnam – were unaffected by the decision. They said they would continue to push for greater business in the Subcontinent.
DP World has been pushing into markets in the emerging economies of India and China – markets where it has focused a major chunk of $3.5 billion (Dh12.8bn) of investment over the next five years.
Earlier reports, quoting DP World officials, said the company had already invested $1.5bn in India and planned to spend $500 million more.
A DP World spokesman in Mumbai told Emirates Business: "There is no threat to DP World operations in India and officials in the ministries of shipping, interior and transport are unaware of any new developments. These ministries have no idea about the new decision [to ban firms from Dubai]."
A DP World spokesman at its head office in Dubai said: "We have been advised by senior officials of the Ministry of Shipping in India that the [Economic Times] story is baseless and no such communication has been issued."
Partha Ray, Consul (Commerce) at Indian Consulate in Dubai, said the consulate was considering the reports.